一直以来，GE医疗是GPS三巨头中较为深度拥抱中国市场的厂商。（GPS三巨头:GE医疗、飞利浦、 西门子医疗） 有市场消息称，GE医疗正在考虑出售其中国业务的股份，潜在交易可能对中国资产的估值达数十亿美 元。 对此，GE医疗（中国）向信风回应称："我们不对市场传闻发表评论。中国是全球最大的医疗市场之 一，我们始终致力于为中国病患和客户提供高品质的医疗服务。" 这或许超出了市场预期。 早在2023年，GE医疗（中国）便宣布战略升级为"全面国产、无界创新、合作共赢"，在无锡、天津、 北京、上海、成都等城市均建立生产基地，其中北京基地已经成为其全球最大的影像设备制造基地。 不仅如此，GE医疗在中国销售的产品95%以上实现了国产。例如GE医疗（中国）磁共振成像（MR） 的核心零部件超导磁体供应商便是宁波健信超导科技股份有限公司。 但受到招采执行节奏放缓以及联影医疗（688271.SH）、万东医疗（600055.SH）等国内厂商的崛起， GE医疗（中国）确实遭遇一定的挑战。 2025年上半年，GE医疗中国地区的收入为11.56亿元，同比下滑了2%，占比在1成左右。 近期，GE医疗管理层在摩根士丹利第23届全球医疗健康大 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of RMB 194.39, indicating a potential upside of 54% from the current price of RMB 126.54 [1][6][26]. Core Insights - The company is positioned to benefit from a comprehensive product line in medical imaging, challenging the dominance of imported brands in the Chinese market. The product lines include CT, MR, XR, MI, and RT, with significant market shares in previously monopolized segments [6][20][40]. - The company is expected to experience a revenue CAGR of 14.2% from 2023 to 2026, driven by technological advancements and policy support, despite facing short-term impacts in 2024 [6][22][24]. - The overseas business has shown strong growth, with revenue reaching RMB 9.33 billion in the first half of 2024, a 29.9% increase year-on-year, indicating the company's expanding international influence [7][23]. - The report highlights the company's focus on R&D innovation, with significant investments leading to the launch of groundbreaking products, such as the world's first 5T whole-body clinical MR [24][25]. Financial Summary - The company's revenue is projected to grow from RMB 10.26 billion in 2024 to RMB 16.98 billion in 2026, with net profit expected to rise from RMB 1.26 billion to RMB 2.88 billion during the same period [8][22]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are RMB 1.52, RMB 2.62, and RMB 3.50, respectively, reflecting a positive growth trajectory [2][8]. Market Context - The Chinese medical imaging equipment market is projected to grow at a CAGR of 10.9% from 2019 to 2023, with the CT segment holding the largest market share at 32% in 2023 [29][30]. - The report emphasizes the increasing demand for high-end medical imaging equipment driven by an aging population and rising health awareness, which is expected to sustain market growth [33][34].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of RMB 194.39, indicating a potential upside of 54% from the current price of RMB 126.54 [1][2][26] Core Views - The company is positioned to benefit from technological advancements and policy support, leading to significant growth in the medical imaging equipment market. The report anticipates a recovery in the company's performance starting in 2025, with a projected revenue CAGR of 14.2% from 2023 to 2026 [6][9][22] - The company has a comprehensive product line in medical imaging, including CT, MR, XR, MI, and RT, which allows it to compete effectively against established international brands in China [6][40] - The report highlights the company's strong market position, particularly in CT and MR products, with significant revenue contributions expected from these segments in the coming years [6][24][43] Summary by Sections Financial Performance - The company reported revenues of RMB 11.41 billion in 2023, with projections of RMB 10.26 billion for 2024, RMB 13.80 billion for 2025, and RMB 16.98 billion for 2026. The net profit is expected to decline to RMB 1.26 billion in 2024 before recovering to RMB 2.16 billion in 2025 and RMB 2.88 billion in 2026 [8][22][24] - The estimated EPS for 2024, 2025, and 2026 are RMB 1.52, RMB 2.62, and RMB 3.50 respectively, reflecting a recovery trajectory post-2024 [2][8] Market Position and Growth Drivers - The company has established a strong foothold in the domestic market, with a leading market share in CT products and significant positions in MR and MI segments. The report notes that the company is well-positioned to capitalize on the trend of domestic substitution in the medical imaging market [6][43][40] - The report emphasizes the company's global expansion strategy, with overseas revenue reaching RMB 9.33 billion in the first half of 2024, marking a 29.9% year-on-year increase, and accounting for 17.5% of total revenue [7][23] Product Line and Innovation - The company offers a wide range of medical imaging products, including advanced CT and MR systems, which are expected to drive future revenue growth. The report highlights the introduction of innovative products such as the uMR Jupiter 5T and uLinac HalosTx, which are set to enhance the company's competitive edge [6][24][25] - The report projects that the company's CT product line will experience a revenue CAGR of -4.6% in 2024, followed by a recovery with 18.2% and 13.6% growth in 2025 and 2026 respectively. The MR product line is expected to grow significantly, with a projected CAGR of 24.4% from 2024 to 2026 [6][24][25]